Yeahka's Portfolio Company Fushi Technology Completes US$15 Million Series A+ Funding

HONG KONG, March 23, 2021 /PRNewswire/ -- YEAHKA LIMITED ("Yeahka" or the "Company", stock code: 9923.HK), a leading payment-based technology platform in China, is pleased to announce today that Fushi Technology (Shenzhen) Co., Ltd ("Fushi Technology"), a key member of the Company's merchant SaaS product portfolio, together with ABC International Holdings Limited ("ABC International") and Cowin Capital, have reached investment intention on Fushi Technology's Series A+ funding. ABC International plans to invest US$10 million, while Cowin Capital, a leading investment firm in China, plans to invest another US$5 million through a fund under its management named Shenzhen South China Chengzhanggongying Equity Investment Fund (Limited Partnership).

The proceeds raised will be used for expanding Fushi Technology's SaaS open platform "Haoshengyi" (好生意), recruiting talent to support its business development and service upgrades, as well as strengthening the platform's capabilities in channel expansion and marketing services.  In less than 2 months after raising more than RMB100 million in Series A funding in February this year, Fushi Technology has again secured another capital funding, demonstrating the advantages of Fushi Technology's SaaS digitalized platform and the substantial development prospect of the merchant services market. As a key investor and strategic partner of Fushi Technology, Yeahka will not only enjoy the financial returns brought by Fushi Technology, but will also leverage Fushi Technology's rapid growth to provide better services to both merchants and consumers, and establish a more sustainable technology-enabled business model.  

Founded in 2016, Fushi Technology strives to become China's largest one-stop digitalized platform for merchants. Fushi technology's rapid growth perfectly complements Yeahka's development in the commercial digitalized ecosystem. Earlier in 2019, Yeahka invested in Fushi Technology through its indirectly wholly owned subsidiary, Shenzhen Qianhai Saosao Technology Co., Ltd and RYK Capital Partners Limited. Fushi Technology has since become an associate company of Yeahka.

Yeahka is a payment-based technology platform that focuses on SaaS products and strives to cater to merchants' needs in digital transformation throughout the whole life cycle. As a key member of Yeahka's ecosystem, and direct touch-point with merchants for business development and services, Fushi Tehnology enables the Company to, timely and efficiently, collect insights into merchant needs, which allows Yeahka to cross-sell and market its SaaS product portfolio.

The "Haoshengyi" SaaS open platform has penetrated into various use case scenarios including food and beverage, retail, apparel, lifestyle services and entertainment, providing comprehensive SaaS products and services ranging from membership management, food ordering, supply chain management, fintech to kitchen management and membership marketing. As of the end of 2020, the "Haoshengyi" platform covered 25 cities and regions in China, serving more than 320,000 merchants in total, and the count of its peak daily transactions grew over 4 times year-on-year to over 7.3 million. Furthermore, the latest data shows that, as of 22 March, 2021, the count of its peak daily transactions has exceeded 8.1 million.

About YEAHKA LIMITED (9923.HK)

Yeahka Limited is a leading payment-based technology platform in China providing payment and technology-enabled business services to merchants and consumers. The Company was listed on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") in June 2020 under the stock code "09923.HK". The Company's value proposition is to create a commercial digitalized ecosystem that enables seamless, convenient and reliable payment transactions between merchants and consumers and further offer a rich variety of technology-enabled business services, including (i) merchant SaaS products, which help customers improve their operational efficiency, (ii) precision marketing services, allowing customers to effectively reach their target markets, and (iii) fintech services, which cater to customers' diverse financial needs.

SOURCE Yeahka Limited